The primary function of the Actuarial Analyst is to provide a lead role to the Risk Management and Analytics team in the evaluation of rate adequacy, actions and filings.
DUTIES AND RESPONSIBILITIES:
Work semi-autonomously in the evaluation of rate adequacy, actions and filings.
Developing statewide rate indications using standard ratemaking techniques, including knowing how to incorporate the model output within the indication process. Using predictive modeling to determine rating structures and rate relativities.
Performing marketing analysis to include premium comparisons, close ratios analysis, and retention studies.
Recommending rate actions balancing renewal impacts, profitability goals, market considerations, and systems limitations.
Presenting results and recommendations to senior management.
Preparing rate filings and working with state departments of insurance.
Using SQL, Access, etc. to access internal data sources to develop data for analysis.
No direct reports initially, but the ability to lead people on product and project based initiatives.
EXPERIENCE, EDUCATION, SPECIAL SKILLS REQUIRED:
Bachelor’s Degree Required.
Passed 4+ actuarial exams with at 3-4 years of pricing experience in homeowner’s insurance and/or commercial property insurance.
Intermediate level of experience with MS Excel and MS Access Database applications and can build spreadsheets and create databases from raw data extracts.
Proficiency with SQL and/or R is preferred.
Prior experience and solid knowledge of actuarial techniques and standards, as well as other business operations including financial, underwriting, legal, statistics, claims, sales, etc.
Ability to work semi-autonomously on rate filing process after brief ramp-up period
Should have the ability to perform a list of specific instructions with a limited amount of supervision.
Proven organizational and timekeeping skills as well as a strong sense of attention to detail are essential.
Ability to drive/lead product initiatives while working in a small team environment
About Narragansett Bay Insurance Company
Narragansett Bay Insurance Company (Narragansett Bay) is a leading specialty underwriter of homeowners insurance products and services in states along the Eastern seaboard. The company currently provides homeowners coverage in Connecticut, Massachusetts, New Jersey, New York and Rhode Island – with plans to add additional states. Headquartered in Pawtucket, Rhode Island, Narragansett Bay offers its products and services through an extensive network of independent agents.